Realvest posted 55 leasing deals worth $5.8 million and 20 property sales valued at $27 million for total transaction volume of $32.8 million. In first quarter 2002, the company logged 35 lease transactions worth $8.5 million and 35 property sales valued at $15 million for total transaction volume of $23.5 million.
"We have seen 17% growth in our revenue from brokerage services," Livingston tells GlobeSt.com. "But that's because the value of sales transactions have grown. The value of lease transactions has declined."
The former president of NAIOP's Central Florida chapter says "the picture is good for commercial real estate" in 2003 and 2004. "The brokerage market is improving, albeit slowly," he says. But brokers who didn't heed the changing conditions in the market earlier will have a longer recovery period.
"Those brokers who did not diversify their operations and focus on specialty niches have been hurt by the recession," Livingston says. Most brokers, however, "found ancillary operations and services and are ready to get back to full speed, now that the economy is improving."
One niche to which Livingston and his associates steered Realvest was the development of small bay warehouse facilities for users needing 1,000 sf to 50,000 sf of space. Realvest and its partners have completed small bay projects in west Orlando and northwest Seminole County and have started new ventures in east Orlando.
"Our CommerCenters generated a significant part of our revenue over the past year," the developer says. "We have been very pleased with the response" from users.
Although locally based, Realvest is associated with NAI, a global real estate provider with 270 offices covering 340 markets in the US, Canada, Latin America, the Caribbean, Europe and Asia Pacific.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
